Most companies have begun transitioning to remote work, which has given them the opportunity to ascertain its peculiarities and formulate insights into the results they wish to achieve in the context of telecommuting. And here we are now, blended in this remote work era.
Meanwhile, some of the questions that often appear in remote workplaces are:
- Is there any formula to measure our Key Performance Indicators (KPIs)?
- Is it true that remote work alters the way we define and comprehend KPIs?
- What are we measuring, and how do we know if we’ve created an effective flexible working model?
The fact now is that productivity is not determined by the amount of time we spend at our desks, but it is about what we deliver and how we achieve our set goals.
Many companies are concerned that remote work will reduce employee productivity because it takes place outside of the physical structure. It has resulted in some dilemmas in the use of monitoring software to track employees who work remotely.
On the flip side, some companies reported that working remotely has resulted in increased productivity. They don’t have to constantly be looking over their employees’ shoulders to see how they’re doing. At the same time, they want to ensure that all their employees meet the same high standard. This is where key performance indicators (KPIs) come into play.
Key Performance Indicators, or KPIs, aid in measuring a company’s success in meeting its goals. Productivity KPIs measure how effectively those goals are met, evaluate processes, and identify improvements without the need for constant micromanagement.
Good management begins with defining the appropriate performance indicators, which include the company objectives to be measured. Organizations should have numerous self-assessment options available to them, ranging from financial indicators like revenue growth, profit margin, and revenue per customer, to marketing indicators like the number of new website visitors.
KPIs must be precise. So, how do you best systemize your key performance indicators (KPIs)?
KPIs are only useful if they are clearly defined. This is where SMART objectives come into play to differentiate between good and bad KPIs. SMART KPIs consist of Specific, Measurable, Achievable, Relevant, and Timely indicators. Another guideline to remember when it comes to productivity KPIs is to not overdo it, so just prepare a shortlist of the most important KPIs.
Importance of Setting KPIs
It is important to establish a clear and efficient measurement system, as this can provide numerous benefits to both the company and the employee, such as:
- To keep track of your milestones regarding the planned project.
- Project development information for the team and others in the company.
- Objective data for decision-making, project modification, evaluation, etc.
- Increased employee motivation, which is directly related to final project quality and delivery times.
It is important to note, however, that some KPIs are role specific. The list of KPIs below perhaps can assist you in determining and developing remote work productivity:
- Strengthen Effective Communication Habits
Working remotely necessitates effective communication with co-workers, clients, and management. Whether you use a video collaboration platform or email, you need to respond to frequent updates that are clear, concise, and polite. One way to determine how well remote employees communicate is to measure response times. To measure these KPIs, consider how quickly you return calls or emails. You can solicit feedback from your co-workers on how quickly they received your response.
Another option is to consult with your colleagues. Who better to ask than your teammates who interact with you on a daily basis? By allowing them to anonymously evaluate your performance, they can assist you in identifying your strengths and weaknesses.
Because remote work entails flexible working hours, not every employee will be available at the same time. Even the most productive team, whether they are using the best group video call application, will not be available 24 hours a day to respond to co-workers or customers’ inquiries. Employees who take too long to respond to co-workers, on the other hand, can be a productivity bottleneck for the company. These KPIs can identify bottlenecks and help you mitigate them.
- Improve Knowledge and Skill
Adapting to a new work set-up and environment is one aspect of remote working. It could imply learning about new technology to increase productivity, implementing new software, or adopting a more adaptable approach. While you have trained yourself and your remote team for these new tasks is excellent in theory, how well you retain the knowledge and skills gained in practice has a direct impact on remote productivity. Measuring knowledge and skill retention can be difficult because it is dependent on observation, which is difficult in remote work.
The approach is to look at tasks that require the use of new skills, such as creating a presentation using creative collaboration tools. How confident are you in putting our skills to use? You could also ask your team to demonstrate their skills in a few weeks or months to assess their retention, or you could create a short quiz to directly test their knowledge. If they are having difficulty, they may require additional training. This is simple enough to provide by utilizing various webinar platforms.
Don’t be afraid to solicit feedback from your team. Refrain from criticizing and instead, encourage your team to be open about knowledge gaps. You and your team will be able to complete the tasks more efficiently if you are confident in your team’s knowledge and abilities.
- Completion of Assigned Tasks
The traditional office layout in which supervisors could easily monitor and check on each employee’s progress is no longer applicable here. It is accompanied by a focused, dedicated workspace that is free of the distractions of home life. In remote work, workers now supervise themselves. Remote workers must be able to work independently, and complete tasks assigned to them within the allotted time.
Most companies do not want their employees to rush through tasks at the last minute, take too long to complete them, or submit subpar work. This KPI can be easily measured by counting how many tasks are completed each week. Presentations, drafting documents, responding to emails, and effective communication are all examples of tasks that could be assigned.
If your team faces difficulties in completing tasks on time, it may indicate that your team is having difficulty with remote work productivity. They may require assistance in organizing their workload. Consider breaking down large tasks into smaller chunks, adjusting work hours, or implementing the best productivity application you can use. This will not only improve your KPIs but will also benefit your team.
- Commitment to Reach the Goals
Setting goals allows you to provide ongoing feedback and motivate your team to achieve more in the future. Working with your team to set weekly goals will allow you to track your progress. Regular check-ins will assist in measuring this KPI and keep your remote team on track.
- Decrease the Turnover Rate
“Choose a job you love, and you will never have to work a day in your life” – Confucius was on to something when he said that, but only a small percentage of workers worldwide are engaged in their work. Productivity refers to the efficiency with which tasks are completed. But all too often, workers find themselves in productivity ruts, working long hours and accomplishing little. It becomes more of an issue when working remotely. Personal and professional boundaries are blurring, and workdays are becoming increasingly long. Stress, when combined with disengagement and demotivation, can lead to the resignation of remote workers.
A high employee turnover rate can lower morale, demotivate other employees, and reduce your team’s productivity while you look for a replacement. Measuring your team turnover rate identifies any issues that need to be addressed before talented team members leave.
Employee engagement and likelihood of leaving can be determined by conducting surveys about their advancement opportunities and working hours. Identifying and advising your team members on heavy workloads is a simple solution for keeping your remote team productive and happy at work.
- Implement an Effective Monitoring System
By using set KPIs, you will be able to track past performance and predict future patterns. This evaluation can be used to improve workplace productivity and your performance. Always keep your KPIs as SMART as possible.
Defining clear, detailed, and relevant KPIs that lead to concrete actions will enable us to connect to the company’s objectives in today’s rapidly changing and unpredictable situation. KPIs are a type of internal communication in and of themselves. It assists everyone in understanding our company’s goals and the best ways to achieve them.
The widespread implementation of remote work today demonstrates that a good company understands how to measure productivity and increase work performance as a resource.